TDTEC(SH:600582) Xinda Securities·2025-12-15 07:34Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The establishment of the subsidiary "Coal Mine Major Intelligent Complete Equipment R&D Center" aims to fill the gap in the industry for comprehensive solutions in coal mining equipment, enhancing the competitive landscape of the coal machinery industry [2][3] - The company focuses on integrated solutions for intelligent coal mining, addressing the shortcomings in hydraulic support systems, which are crucial for safe and efficient coal extraction [2] - The subsidiary is expected to strengthen the company's position in the domestic coal mining technology equipment transformation, providing competitive systemic support for the industry's intelligent transition [5] Financial Summary - The projected total revenue for 2023 is 29,928 million, with a growth of 9.2% year-on-year, and is expected to reach 34,895 million by 2027 [6] - The net profit attributable to the parent company is forecasted to be 2,358 million in 2023, increasing to 3,212 million by 2027, reflecting a compound annual growth rate [6] - The company maintains a strong cash position with approximately 176 billion in net cash as of September 2025, allowing for stable dividends despite ongoing investments [7]